Based on the numbers seems like it was a straight forward conventional loan...any challenges?

Challenges?

The plan was to refinance when rates dropped to improve cashflow, we just had to get out of our hard money loans at the time.

Challenges?

Working with a private lender can indeed come with challenges, particularly regarding qualifications and funding structures.For your cosigner, they typically will need to be a member of your LLC and the private lender will want them to hold 51% - depending on lender of course.Compensating your cosigner fairly is based on what both parties believe is fair.

Challenges?

If you believe your property’s assessed value is too high, you have the right to challenge it.

Unless you are sourcing properties yourself off-market, REI became much more challenging in 2023, and downright brutal since the start of 2024 here.   

👋It’s awesome that you’ve already started diving into the calculators and podcasts—those are great resources for anyone just getting started.Since you’ve had some rental experience already, I’d love to hear what you found most challenging about owning and selling that property back in 2017.

This year id love to partner with some people in the area and make the jump into my first commercial deal.What challenges have you seen in the commercial space vs smaller residential multifamily?